The Hong Kong Monetary Authority (HKMA) on Tuesday assured the public that sufficient stocks of the new series 1,000-HK dollar banknote are available to meet demand, in the light of the recent appearance of counterfeits of the old series issued by HSBC.

A spokesperson for HKMA said the arrangements for replacing these old series 1,000-HK dollars banknote issued by HSBC in 2000 and 2002 have been working smoothly.

"The recent problem of counterfeits is restricted to the old series HSBC 1,000-HK dollar banknote," the spokesperson said," Other banknote are unaffected."

"The public who have concerns about any old series (2000 and 2002) HSBC 1,000-HK dollar banknote in their possession may take them to their banks", the spokesperson added.

The fake 1,000-HK dollars note, which will not be accepted by deposit machines, were uncovered in banks around Hong Kong and Macao last week.

To date, 12 suspects have been arrested and more than 710 forgeries of 1,000-HK dollar notes issued by HSBC in 2000 and 2002 have been seized across Hong Kong and Macao.

All 1,000-HK dollar banknote issued by HSBC in its 2000 and 2002 series are being withdrawn from circulation in a low-profile exercise following last week's discovery of their counterfeit cousins.

The sharp rise in high-quality counterfeit banknote has aroused serious concern within government circles as well as in the banking sector.

In the light of recent developments and following further discussion with the HKMA, the Hong Kong Association of Banks on Tuesday also gave clear and specific advice to banks with the aim of ensuring that adequate facilities continue to be available for customers who wish to deposit the old series HSBC 1,000-HK dollar banknote or exchange them for other banknote.

The HKMA, in co-operation with the Commercial Crimes Bureau and Hong Kong Association of Banks, is continuing to give information and training to bank staff and others on how to identify the counterfeit old series (2000 and 2002) HSBC 1,000-HK dollar banknote that have recently been appearing.

Hong Kong has three note-issuing banks, namely Bank of China ( Hong Kong), the Standard Chater and HSBC.

Source: Xinhua